At Extreme Investor Network, we are constantly monitoring the latest trends and movements in the stock market to provide you with valuable insights that can help you make informed investment decisions. In our latest analysis, we have observed resistance holding around the 250% extension level, indicating a potential pullback in gold prices. However, signs of continued strength suggest that gold may still have room to go higher before a notable correction.
One key signal to watch for is a decisive rally above the record high of 2,758. If gold breaks out above this level, our target range is set between 2,797 and 2,815. This range includes key retracement levels and a bullish flag pattern that recently triggered, signaling further upside potential.
On the downside, if gold fails to break above 2,758, we could see a test of support levels at 2,686 and potentially lower. The 20-Day MA and 50-Day MA are important levels to watch for short-term trend indications.
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